Tag: bogus purchase

Non-mentioning the precise section for making addition for bogus purchase made the impugned addition bad in law – ITAT deletes the addition  ABCAUS Case Law Citation: ABCAUS 2424 (2018) 07 ITAT The instant appeal was filed by the assessee against the order of CIT(A) in confirming the action …

When sales accepted as genuine, entire purchases cannot be treated as bogus and added to the income but the profit element – ITAT ABCAUS Case Law Citation: ABCAUS 2411 (2018) 07 ITAT The instant appeal was filed by the assessee against the order of the CIT(A) in The …

Income contained in unverified transaction can only be taxed and not the amount of entire transaction.  ITAT upheld tax on profit embed in alleged bogus purchase ABCAUS Case Law Citation: ABCAUS 2031 (2017) (08) ITAT The issue involved: The only issue involved in present two appeals filed by …

Only real income can be taxed under Income Tax Act. Even if whole transaction is not verifiable only income component not the entire purchase taxable ABCAUS Case Law Citation: ABCAUS 1275 (2017) (05) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by the Commissioner …

Bogus Purchases-AO cannot sit back and make addition without enquiry simply relying on information from Sales Tax Deptt. and issuing notices u/s 133(6)-ITAT ABCAUS Case Law Citation: ABCAUS 1258 (2017) (05) ITAT The Grievance: The instant case deal with four appeals. Common grievance of all the assessee pertained …

Bogus purchase disallowance reduced from loss declared by the assessee as the purchases were related to the same business only – ITAT ABCAUS Case Law Citation: ABCAUS 1247 (2017) (05) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by the Commissioner of Income Tax(A) …

Bogus purchases-when sales not disputed entire addition not warranted. ITAT estimated addition @12.5% of alleged bogus purchases  ABCAUS Case Law Citation: ABCAUS 1228 (2017) (05) ITAT The Grievance: The appellant assessee was aggrieved by the order passed by the CIT(A) qua confirmation of addition of bogus purchases to …

Purchase not bogus merely for non-appearance of supplier Merely non-appearance of the supplier in absence of any other corroborate evidence cannot be a basis to justify the stand of the Revenue that the transaction of purchase is bogus-ITAT ABCAUS Case Law Citation: ABCAUS 1212 (2017) (04) ITAT The …

Additions made for non furnishing name address details of raddi-wallas for purchases made deleted In case of purchases made from small raddi-walas/kabadi-walas  it is not practically possible to have them supported by bills. It is equally not possible to furnish details of such small raddi-walas/kabadi-walas. Case Details: INCOME TAX APPELLATE TRIBUNAL …